If you’re in the market for a new credit card, you know how tricky the application process can be. American Express is working to make it easier for consumers to know if they’ll be approved for a hard credit check before proceeding. With this new feature, consumers will be able to see their current credit score and whether or not there are any outstanding payments that may affect the outcome of a credit check.
Here’s what you need to know about Amex’s soft pull credit card approval feature.
Table of Contents
Table of Contents
What is American Express’ soft pull credit card approval?
The new feature allows prospective cardholders to submit an application and find out if they’re approved before undergoing a hard credit check, via a soft credit check instead.
This means that even if your application is ultimately denied, it won’t have any negative impact on your credit score. According to American Express, this approval will be with 100% certainty; however, it will not provide you with a credit limit, which you’ll receive after undergoing full evaluation.
At the moment, this feature is only available to consumers who apply directly through Amex’s website, as well as those who apply through American Express‘ co-brand partner websites (e.g., Delta or Hilton).
Existing card members who are applying for another personal Amex card will also have access to this feature at an as-yet unspecified future date.
What are the benefits of American Express’ soft pull credit card approval?
With this new system, it’s easier than ever for consumers to get approved for credit. They don’t have to worry about being denied and having another hard inquiry added to their credit reports – the system takes care of everything!
Additionally, since the soft pull does not involve any sort of financial commitment from the consumer—unlike a hard inquiry—the entire process can happen much faster than traditional applications.
This means that applicants don’t have to wait days or weeks for their application results; instead, they’ll know almost immediately whether or not they were approved for the card they applied for.
Can you be Denied?
The short answer is yes, you can still be denied after undergoing a soft pull. Even though the feature will let applicants know if they’re approved before doing a full credit check, it won’t guarantee that your application will be successful.
American Express says that this feature simply allows them to provide more certainty up-front and that a full credit evaluation will still need to happen.
What after Soft Pull Credit Card Approval?
Once you’ve gone through the soft pull approval process, American Express will perform a full credit check and then decide whether or not to approve your application. If approved, you’ll receive your card in the mail along with details about your credit limit and other features of the card.
If your application is denied, American Express will contact you directly with more details about why your application was not successful.
- American Express is testing a new feature that allows prospective cardholders to find out if they’re approved before undergoing a hard credit check. If you pass the test, American Express will skip the hard credit check step and move on to approving your application.
- If you’re approved, the issuer will run a hard credit check, which can impact your credit score.
- There are other ways for consumers to gauge their creditworthiness with other credit card companies: reviewing your credit score, reading credit card reviews and using a preapproval tool.
- As you research different credit cards, be sure to consider multiple options before making a decision. This way, you can find the best card for your needs and budget.
American Express’s new soft pull credit card approval feature makes applying for a new credit card easier and more streamlined than ever before!
By eliminating the worry of being turned down and having another hard inquiry on your record, this process gives prospective customers peace of mind when submitting their applications.
Plus, since it only requires a soft pull inquiry (as opposed to a hard one), the results come back quickly so applicants don’t have to wait around wondering if they’ll get approved or not.
All in all, Amex’s latest innovation is sure to make applying for a new line of credit less stressful and more efficient than ever before!
What are your thoughts on American Express’ new soft pull credit card approval?
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- As a personal finance and credit cards expert, I provide valuable insights and advice on budgeting, saving, investing, and debt management. I am also an expert on credit card rewards programs and help readers make informed decisions about which cards are right for them. My goal is to help people improve their financial literacy and make better financial choices.
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